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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.
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Lesson 7: Market Equilibrium | Unit 1: The Exchange
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Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price. A definition: A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.Four important points about markets. 1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side). 2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services. 3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem. 4. Like demand and supply, markets are analyzed over a given time period.
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SLOPE, CONSUMPTION LINE The positive slope of the consumption line is also termed the marginal propensity to consume (MPC). This slope is greater than zero but less than one, reflecting induced consumption and the Keynesian psychological law of consumer behavior that consumption increases by less than the increase in income. The slope of the consumption line provides the foundation for the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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BEA
Bureau of Economic Analisys
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